Citigroup doubles China income

SHANGHAI: Citigroup Inc, the biggest US bank by assets, said operating income almost doubled in China in 2007 as it offered more loans and asset management products.

Citibank (China) Co earned 2.2 billion yuan or US$315 million (US$1 = RM3.16) of operating income last year, the New York-based bank said in an e-mailed statement yesterday. The bank said it had net income of 665 million yuan, without giving the comparison figure.

China's banks earned a record combined profit of 446.7 billion yuan in 2007. - Bloomberg